The new senior secured facilities consist of a $1bn revolving credit facility and a $1bn Term Loan A, both due on 16 March 2017.
Both the revolver and the term loan will have an initial interest rate of LIBOR plus 225 basis points, with future pricing based on a total leverage grid.
Approximately $1.53bn of the new facilities were drawn at closing which, when combined with cash on hand, was used to repay approximately $1.68bn of outstanding term loans due in May 2014, leaving approximately $475m undrawn under the new revolving credit facility.
Source: Graphic Packaging
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